Oil Extends Losses for Second Session
Oil Extends Losses for Second Session
WTI crude oil futures fell below $75 per barrel on Tuesday, extending a 2.4% decline from the previous session amid concerns over weakening global demand and economic uncertainty.
Technical Outlook: The bearish trend is expected to continue toward the support zone at 72.72. A break below 71.78 would likely lead to further declines toward 69.78. There is a potential for a corrective move up to 75.35, but for a bullish reversal, the price needs to break above 75.35, which could open the way to 76.55 and 77.94.
Key Levels:
Pivot Line: 75.35
Support Levels: 72.72, 71.78, 69.78
Resistance Levels: 76.55, 77.94, 79.49
Today's Expected Range: The price is anticipated to move between support at 71.78 and resistance at 75.35.
Trend: Bearish as long as the price remains below 75.35.
WTI crude oil futures fell below $75 per barrel on Tuesday, extending a 2.4% decline from the previous session amid concerns over weakening global demand and economic uncertainty.
Technical Outlook: The bearish trend is expected to continue toward the support zone at 72.72. A break below 71.78 would likely lead to further declines toward 69.78. There is a potential for a corrective move up to 75.35, but for a bullish reversal, the price needs to break above 75.35, which could open the way to 76.55 and 77.94.
Key Levels:
Pivot Line: 75.35
Support Levels: 72.72, 71.78, 69.78
Resistance Levels: 76.55, 77.94, 79.49
Today's Expected Range: The price is anticipated to move between support at 71.78 and resistance at 75.35.
Trend: Bearish as long as the price remains below 75.35.
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